RENT DURING EXTENSION TERM. The initial Monthly Base Rent during the Extension Term shall be the Fair Market Rental Value for the Premises as of the commencement of the Extension Term, as determined below (and such initial Monthly Base Rent shall be subject to annual increases of 3% during the Extension Term):
(a) Within thirty (30) days after receipt of Tenant’s Exercise Notice, Landlord shall notify Tenant of Landlord’s estimate of the Fair Market Rental Value for the Premises, as determined below, for determining Monthly Base Rent during the ensuing Extension Term; provided, however, if Tenant’s Exercise Notice is given more than twelve (12) months before the Expiration Date, Landlord’s estimate of Pair Market Rental Value may, but need not be given more than twelve (12) months before the Expiration Date. Within fifteen (15) days after receipt of such notice from Landlord, Tenant shall notify Landlord in writing that it (i) agrees with such rental rate, or (ii) disagrees with such rental rate. No response shall constitute agreement. In the event that Tenant disagrees with Landlord’s estimate of Pair Market Rental Value for the Premises, then the parties shall meet and endeavor to agree within fifteen (15) days after Landlord receives Tenant’s notice described in the immediately preceding sentence. If the parties cannot agree upon the Fair Market Rental Value within said fifteen (15) day period, then the parties shall submit the matter to binding appraisal in accordance with the following procedure except that in any event neither party shall be obligated to start such procedure sooner than twelve (12) months before the expiration of the Term. Within fifteen (15) days of the conclusion of the period during which the two parties fail to agree (but not sooner than twelve (12) months before the expiration of the Term), the parties shall either (i) jointly appoint an appraiser for this purpose or (ii) failing this joint action, each separately designate a disinterested appraiser. No person shall be appointed or designated an appraiser unless such person has at least five (5) years experience in appraising major commercial property in Santa Xxxxx County and is a member of a recognized society of real estate appraisers. If the parties jointly appoint an appraiser, such appraiser shall determine the Fair Market Rental Value for the Premises within thirty (30) days of his or her appointment and such determination shall be binding and conclusive upon the parties. If within thirty (30) days ...
RENT DURING EXTENSION TERM. The Base Rent payable by Tenant during each Extension Term shall be equal to ninety -five percent (95%) of the Market Rent, and shall have no floor. “Market Rent” shall mean the applicable base rent (taking into account all escalations, additional rent and other charges) that tenants, as of the commencement of the Extension Term, are paying for new, direct leases in an arm’s-length transaction with a seven year term for non-renewal, non-expansion, non-sublease, non-equity space that is comparable in size, location and quality to the Premises, and located in buildings or projects comparable to the Project in the North Downtown Seattle, Xxxxx Triangle and South Lake Union submarkets of Seattle. The determination of Market Rent shall take into consideration the value of the existing improvements in the Premises not paid for by Tenant, as compared to the value of the existing improvements in such comparable space, with such value to be based upon the age, quality and layout of the improvements (without taking into account non-standard, specialty improvements made by Tenant). Brokerage commissions shall not be considered in establishing Market Rent. The credit of Tenant (and guarantors, if any) shall be taken into account. Sublease and expansion transactions shall not be considered in establishing Market Rent. Landlord cannot be compelled to pay any concessions or allowances to Tenant during the Extension Term. Market Rent shall include periodic or annual increases if such increases are consistent with then-existing market conditions.
RENT DURING EXTENSION TERM. (a) If Tenant exercises the right to extend the Term of this Lease as herein provided, then no later than one hundred twenty (120) days prior to the first day of the Extension Term, Landlord shall deliver its Proposed Rental Rate. If Tenant does not object to Landlord’s Proposed Rental Rate within thirty (30) days after receipt of Landlord’s notice of Proposed Rental Rate, then Tenant shall be deemed to have accepted the Proposed Rental Rate. If Tenant does timely object to Landlord’s Proposed Rental Rate, then the parties will submit the matter to the appraisal process set forth in Section 4.1(d) above.
(b) Beginning on the first day of the second lease year of the Extension Term, Rent shall increase annually by three percent (3%).
RENT DURING EXTENSION TERM. The monthly Base Rent during the Extension Term(s) shall be the greater of (i) [***] per rentable square foot of the Premises per month, or (ii) Fair Market Rental Value for the Premises as of the commencement of the Extension Term, as determined below:
RENT DURING EXTENSION TERM. Commencing on the first day of the Extension Term, Tenant shall pay to Landlord throughout the Extension Term Base Rent in the amount determined pursuant to this Paragraph 44. The Monthly Base Rent during the five-year Extension Term shall be the greater of the Base Rent paid during the last month of the immediately preceding Term or ninety-five percent (95%) of the Fair Market Rental Value for the Premises as of the commencement of the Extension Term, with the Fair Market Rental Value as determined below:
RENT DURING EXTENSION TERM. 62 (a) Determination of Fair Market Rental Value. . . . . . . . . . . . . 62 (b) Definition of Fair Market Rental Value.. . . . . . . . . . . . . . 65 (c)
RENT DURING EXTENSION TERM. The annual Base Rent during the Extension Term shall be Two Hundred Thirteen Thousand Seven Hundred Fifty and 00/100 Dollars ($213,750.00) payable in equal monthly installments of Seventeen Thousand Eight Hundred Twelve and 50/100 Dollars ($17,812.50).
RENT DURING EXTENSION TERM. The Monthly Base Rent during the Extension Term shall be the greater of the Monthly Base Rent paid during the last month of the initial Term or at ninety-five percent (95%) of the Fair Market Rental Value for the Premises as of the commencement of the Extension Term, as determined in accordance with Paragraph 43(a) of the Master Lease; provided that the references to “eighteen (18) months” in said Paragraph 43(a) shall be modified to be “one hundred eighty (180) days”. On each anniversary of the commencement date of the Extension Term, the Monthly Base Rent shall increase by four percent (4%) of the Monthly Base Rent for the immediately prior year.
RENT DURING EXTENSION TERM. The initial Monthly Base Rent during the first five (5) year Extension Term (the "First Extension Term") shall be the greater of Nine Hundred Thirteen Thousand Three Hundred Forty-Four Dollars ($913,344) or the Fair Market Rental Value (determined as provided below) for the Premises as of the commencement of the First Extension Term. The initial Monthly Base Rent during each subsequent five (5) year Extension Term shall be the greater of the Monthly Base Rent paid during the last month of the immediately preceding Extension Term or the Fair Market Rental Value for the Premises as of the commencement of the applicable Extension Term. On each anniversary of the commencement of each Extension Term throughout such Extension Term, the Monthly Base Rent shall be increased to the amount that is one hundred three percent (103%) of the Monthly Base Rent in effect during the month immediately prior to such anniversary. "Fair Market Rental Value" shall be determined as provided below:
RENT DURING EXTENSION TERM. Beginning effective April 1, 2001, Total Monthly Rental and Additional Rental shall be revised as follows:
(a) Total Monthly Rental shall be in the following amounts: April 1, 2001 through March 31, 2002 - $14,040.00 per month. April 1, 2002 through March 31, 2003 - $14,917.50 per month. April 1, 2003 through March 31, 2004 - $15,795.00 per month. April 1, 2004 through March 31, 2005 - $16,672.50 per month. April 1, 2005 through March 31, 2006 - $17,550.00 per month. April 1, 2006 through March 31, 2007 - $18,422.50 per month. April 1, 2007 through March 31, 2008 - $19,305.00 per month. April 1, 2008 through July 31, 2008 - $20,182.50 per month.
(b) Section 3.2 of the Lease shall be revised in its entirety to read as follows:
